The MYX Finance (MYX) token has experienced extreme volatility, with a sharp rally followed by a steep sell-off, highlighting conflicting market narratives. The initial surge came after confirmation that the project closed a major strategic funding round led by blockchain software giant Consensys ahead of its planned V2 launch. This news, arriving after weeks of heavy selling pressure that had pushed the token into deeply oversold territory, acted as a catalyst for a strong rebound, with prices briefly hitting an intra-day high of $1.79.
Consensys emerged as the largest investor in the round, a move interpreted by the market as strong institutional validation for MYX Finance's long-term direction. The funding is earmarked to support infrastructure development for the upcoming V2 upgrade, which aims to transform the platform from a simple trading interface into a professional-grade execution engine featuring gasless transactions and one-click trading.
However, the bullish sentiment proved short-lived. Shortly after the rally, the MYX price plummeted nearly 25% to $0.64, drastically underperforming a broader crypto market that dipped only 1.82%. The token is down more than 66% over the past week and almost 88% in the last 30 days. Trading volume surged over 100% to $72.5 million, indicating intense selling pressure and likely liquidations.
Technical analysis paints a grim picture, with the price breaking below key support levels and the 50-day and 200-day Simple Moving Averages (SMAs) approaching a bearish "death cross" formation—a classic signal for continued downside pressure. The Relative Strength Index (RSI) has dropped into deeply oversold territory. Analysts warn that if the price fails to hold above the $0.57 support level, it could trigger a further 35% decline toward the $0.40 zone, effectively erasing all gains from the past six months and signaling a deeper structural reset for the token.
